Purpose – Bank offers loan to Small Road & Water transport operators for purchase of Taxi, Bus, Truck, auto rickshaw.
Eligibility – Persons engaged in transport business or starting transport operators business, Age in between 21 yrs to 60 years, having driving license of taxi/bus/truck/auto rickshaw and plying permit from RTO office or having management experience, to small road & water transport operators owing up to ten vehicles.
Amount of Loan – Maximum Rs.25 lakh; Maximum 84 month, EMI by post dated cheques or through standing instructions in case of bank account;
Document – Loan Application Form; Membership form (share member/ nominal member ); Declaration about no. of vehicles owned at the time of application; DPN; Letter of waiver; Term Loan agreement form; Letter of lien and set off; vehicle hypothecation agreement; Blank transfer forms; Registration certificate with bank lien; Insurance policy with bank clause; One set of keys; Letter of guarantee ; Mortgage of property, pledge, assignment of securities (as the case may be); Route permit certificate
Rate of Interest – 13.50%
Security – Hypothecation of vehicle financed by the bank and lien noted in RC book; One set of keys; Collateral security in form of term deposit LIC or Fixed Assets (Land and Building) marketable securities acceptable to the bank as per Bank’s discretion; Comprehensive insurance of vehicle with Bank clause.